Telekom Malaysia : Second-Quarter Net Profit Doubles on Absence of Impairment Loss

By Chester Tay

Telekom Malaysia Bhd.'s second-quarter net profit more than doubled compared with the same period a year earlier due to the absence of impairment losses on fixed network assets last year.

Net profit rose to 274.7 million ringgit ($65.9 million), although revenue declined 6.4% to MYR2.59 billion, the telecommunication group said in a stock exchange filing Thursday.

The group's net profit for the first half of the year grew 1.1% compared with the same period a year earlier to MYR427.3 million, while revenue dropped 7.2% to MYR5.15 billion.

Group CEO Imri Mokhtar said that Telekom Malaysia has fully resumed all its business operation and on ground sales activities.

He said the group recorded growth in broadband subscribers as more Malaysian were working from home.

Write to Chester Tay at [e-mail]